Weymouth leasehold conveyancing Example Support Desk Enquiries
I've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Weymouth. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Weymouth ?
Most houses in Weymouth are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Weymouth in which case you should be shopping around for a Weymouth conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.
I am attracted to a two apartments in Weymouth which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Weymouth with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Weymouth can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers conveyancers.
- Some Weymouth leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
We expect to complete the sale of our £250000 flat in Weymouth in six days. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Weymouth?
Weymouth conveyancing on leasehold maisonettes usually involves the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Are there common defects that you come across in leases for Weymouth properties?
Leasehold conveyancing in Weymouth is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Weymouth Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
How much is the maintenance charge and ground rent on the apartment?
What is the the remaining lease term?
Best to be warned whether fixing the lift or some other significant cost is coming up that will be shared between the leaseholders and will materially increase the the service charges or require a one off payment.